When you have an idea for a new invention or design, you will want to protect your rights to enjoy the profits that it will generate. A patent issued from the U.S. Patent and Trademark Office (USPTO) will grant you the exclusive rights to that invention for a specified period of time. People are constantly coming up with different ideas and inventions, and not all of them require patents. If you have a truly original and marketable idea, you should consider investing the time and effort needed to obtain a patent to protect your idea and ensure that it is you who profits from its creation.
Below are four reasons why you should obtain a patent for your idea/invention:
Prevent Others From Using Your Idea or Invention
A patent will prevent others from making, using, importing, selling or offering to sell your invention. Patent laws allow you to prevent others from using patented features that provide commercial value in their products. This will protect the exclusivity and market value of the product and its features.
Patents are viewed by investors as a general indicator of value, and can be seen as official approval of your invention. A patent shows that your invention is protected against direct competition, making investment in it a safer proposition.
Generate Licensing Revenues
A license can be sold to others for manufacturing your invention if you choose not to make it yourself. You will have the right to decide who is allowed to manufacture and distribute your invention, and you will receive royalties.
Protect Your Competitive Advantage
A patent protects proprietary inventions and processes. These may not be commercially available to consumers directly, but do give a significant advantage in the manufacturing process. This can be an object or machine used in manufacturing, of simply the way in which the process operates.